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7.A. - Page 2 of 25 A. It exemplifies or reflects special elements of the City's cultural, aesthetic or architectural history; or B. It is identified with persons or events significant in local, State or national history; or C. It embodies distinctive characteristics of a style, type, period or method of construction, or is a valuable example of the use of indigenous materials or craftsmanship; or D. It is representative of the notable work of a builder, designer or architect. The California Department of Parks & Recreation (DPR) form (Attachment 3) for this residence discusses historical significance under Criteria C as listed as listed above. Built in 1912, the one-story home is a simple rectangular box designed in a Spanish Colonial Revival style. The distinctive element of the residence is the use of brick cladding throughout the entire exterior, which is not a common material for houses in Redwood City. In addition, the exterior includes deliberate roughened, and irregularly shaped bricks that project from the wall to create different visual configurations on each elevation. Properties designated as historic landmarks are protected from demolition, alteration, removal, or relocation unless reviewed and recommended by the HRAC and then approved by the Planning Commission at a public hearing. Chapter 40 does not prevent legally permitted and reasonable use(s) of properties designated as historic landmarks, and it allows for ordinary maintenance and repair so long as the work does not involve a change in the design, material or external appearance of the property. Mills Acts Contract Historic Property Preservation Contracts, which are also known as "Mills Act" contracts, are considered by numerous local governmental agencies and preservationists throughout California as one of the most beneficial historic preservation incentives available today. Mills Act contracts provide for yearly property tax savings for the owner that can be channeled towards the long-term maintenance of a property. The City's Mills Act program was adopted by the City Council in 1990, and to date the City has granted 27 Mills Act contracts. The minimum duration for Mills Act Contracts is 10 years. One additional year is automatically added to the contract term each year unless the City and/or property owner elect to not renew, and the contract transfers in the event the property is sold to another party. Once approved, each contract is recorded against the title of the subject property and the information forwarded to the County Assessor's office. The initial Mills Act Contract includes a 10 -year schedule of proposed maintenance and improvements. The proposed Mills Act Contract with the 10 -year plan for this property is included as Attachment 2. Once granted a Mills Act Contract, a property owner may save as much as 40%-60% of the individual assessed tax valuation of the property. Since the City collects less than 20% of the 1% of the assessed value of the property, an estimated loss of revenue to the City for a property valuated at $1,000,000 would be approximately $800 to $1,200 per year. FISCAL IMPACT Designation of a local historic landmark has no fiscal impact, however approval of a Historic Preservation Agreement (Mills Act Contract) does reduce the annual property tax collected by the City. The fiscal impact is minimal and acts as an incentive to maintain and improve the City's aging housing stock. City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org 491